Given the current economic situation in Nigeria taking small assistance with finances has become essential for the majority of people. XCross Cash Loan app as well as other similar services are available to give you an aid when you are in financial need.
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What exactly is XCross Cash Loan application?
XCross Cash is a Nigerian loan application that gives the borrowers short-term medium-term as well as micro loans beginning at N5,000 and up to N500,000 in emergency and personal loans.
It’s a personal and trusted online loan application. Xcrosscash allows you to activate your credit limit. Cash can be withdrawn at any time to meet urgent requirements. Also, you can increase your credit limit in various ways every day. That means that you will you can enjoy higher limits, lower rates of interest, and more flexibility in tenor using it.
Xcross cash loan app increases the amount of your loan and gives you a greater amount each time you make your repayments in time. There is a chance to increase your limit each day by taking a break from routines or setting a limit and maintaining a solid payment record.
The app has been downloaded more than a million times on the Google play store but with mixed opinions. The majority of users are impressed by the app’s easy registration procedure. It utilizes loan software to gather information about prospective customers such as phone numbers, bank alerts for transactions, and BVN to build the credit score of every borrower.
To be eligible for greater amounts, ensure that you keep your bank transaction information on your mobile and you don’t have outstanding loans with different loan apps!
The application is easy, simply download the application from the Google play store, enter certain details about yourself The algorithm will then analyze the information you provide and determine your credit score and offer an offer for a loan within a matter of hours.
How do I apply for an XCross Loan in cash?
Application for a loan application Procedures:
- Get and install it. XCross Cash Loan app on Google Play Store. Google Play Store.
- Create an account.
- Choose the product you’d like to apply to.
- Input your basic data and then complete the application.
- The amount you pay will be N50 to tie the ATM debit card onto your bank account to improve your chances of getting more money.
- You can deposit the loan directly into your account at the Bank.
- You’ll have to supply your BVN which is used to assess your creditworthiness. If you download the XCross Cash loan app they must be authorized for access to your phone number to confirm your identity and determine your creditworthiness. Your information is secured by the most secure standards around the globe. They will never divulge your personal information without your express consent.
The N50 that is charged to tie to your ATM debit card in your checking account can be refunded, however, it can take anywhere between 7 to 12 business days for the funds to be returned to your banking account.
Your BVN is connected to the credit score you have, therefore should you have an outstanding loan with another lender or failed to pay any other lender in full when they were due you can expect the application to be denied.
The credit score you have is a summary of previous loans and the time you pay your bills cash transactions coming into as well out of your account and other data.
If you download this application, you must agree to it to gain access to the contacts in your phone book that can be used as your guarantors. You can also use text messages to view your banking transactions, apps on your phone to track how you use other loan apps, and other information that it utilizes to increase your score on credit.
The interest rate for an XCross A cash loan?
The rate of interest according to the company is monthly rates ranging between 0.9 percent to 4.7 percent, and annual Percentage Rate (APR) between 10.8 percent to 56%.
Example: If you select a 6-month loan and you borrow NGN100,000, Xcrosscash charges an interest rate of 0.9 percent per month. Borrow NGN Interest Rate: 5.4% and The APR is 10.8%. 180 days interest-free repayments are NGN 10,800. The total amount of payment is NGN110,800.
However, in reality, your rate of interest may differ from those. It is because each rate is calculated differently depending on your credit score, creditworthiness, and other factors analyzed through the algorithms.
The Loan Limit starts from N 5,00 to a maximum of N 500,000.
Repayment terms range beginning with a period of 90 days to 180 days.
As with all things in life, the length of your loan will be determined by your creditworthiness, therefore anticipate a different term at the time you begin.
pros
- Processing of loans quickly
- Trusted and tested, it has been around for quite a time.
- competent customer service, which is relative.
- Maximum charges of 10 percent interest per month.
- The loan duration typical typically very months, but the majority of Nigerian loan apps have a weekly duration for loans.
Cons
- A high-interest rate and short term, particularly for first-time loan borrowers.
- There are network issues that hinder card binding without issue.
- Auto debits customers’ ATM cards, sometimes before the due date.
If you are taking out a loan, you should be aware of the repayment schedule. If you are taking a 60-day loan with two installments for repayment The app could attempt to automatically debit your account when the due date is the first installment. It may also charge you for overdue fees before the expiration date of your 60 days.
You can modify your ATM card’s password to avoid auto debit. The app was reported to purposely auto-debit customers, even after they’ve completed transactions through bank transfers.
Since there are no laws in Nigeria the majority of applications are illegal. apps include loan sharks that could threaten to send out messages to family members, warning you that they are scammers in the event of a default on your loan. It is recommended to stay clear of these apps when you have other alternatives.
If you’re feeling threatened or bullied by loan sharks in Nigeria check out the following Facebook group where you can seek help and read about the experiences of others who have been victimized by loans apps.
XCross Cash loan eligibility and eligibility requirements
- The applicants need to meet the criteria of Nigerian citizens or a legal Nigerian Resident
- They must be part of the working group from the age of 20 to 55 years old.
- A monthly source of income.
- Attach your ATM card to your account
- Give the details for the two closest relatives including their telephone numbers.
- A good credit score and no unpaid loans with other creditors.
- Maintain an account in your bank.
- Your phone number should be that of your BVN.
- You must have a valid government-issued ID card.
Don’t take an Xcrosscash loan to pay for your lifestyle or pay for long-term debts. A short-term loan is useful for emergencies, but then be very expensive when compared with long-term loans and must be handled with caution.
WHY XCROSSCASH?
With Xcrosscash the process of obtaining cash is the simplest.
No wait time to receive cash. The service is accessible 24/7and you can receive money at any time and anywhere you require it, all on your smartphone.
You can receive funds regardless of who you are. If you’re a salary-earner as well as self-employed Xcrosscash will help to achieve your objectives.
Be rewarded for your positive actions. If you pay back loans in time you stand a chance to receive a free interest rate in this application.
Is the XCross Cash loan app genuine?
Xcrosscash can be considered a legitimate loan application that offers short-term, high-interest loans for emergencies to users. Read other users’ reviews on the Play Store before downloading the application.
It is important to be aware that these loan apps are not regulated or registered with the CBN. monitored with CBN, CBN, or any other government institution in Nigeria. The responsibility lies with you for the security of your transactions using them, and there’s no remedy for inadequate customer service.
Its availability as a feature on the Google play store doesn’t ensure that transactions made on it are safe. The store only provides an opportunity to download and you are accountable for your security using loan apps that are available in Nigeria. How much can I take out from the XcrossCash loan application?
Xcrosscash provides loans that range from N5,000 to N500,000. The amount you’ll be granted will be based on your credit scores, credit history, and repayment experience with other lenders.
XCross Cash Loan Customer Service Office address and contact number?
The customer service team is on hand to help you with your need, contact them on
* Service email: cross. xcross.tyz@gmail.com
* The Office Address: 50c Sauket St, Ikeja GRA, Ikeja, Lagos, Nigeria
